A roundup of some of the North American equities making moves in both directions today
On the rise
After its shares doubled in price over the last two days, Martello Technologies Group Inc. (MTLO-X), whose co-chairman is recently departed Canopy Growth Corp. CEO Bruce Linton, was up a further 34.2 per cent in the wake of it issuing a statement on recent stock market activity.
The Ottawa-based company said Mr. Linton "has been an integral part of Martello’s success since 2013, moving into the role of co-Chairman in 2017.
According to Martello, Mr. Linton said on Thursday that he would like to help the company “both define and execute their strategy on acquisitions, because it is a very thoughtful and solid company that essentially allows all of the business applications in offices to work the way they should and avoid problems for users and the IT team. As companies are distributing and globalizing, this should be an even bigger problem that Martello can solve, and so I would like to spend some time with that.”
It added: “The market has viewed these comments positively, recognizing the value that this additional focus can bring.”
Brookfield Renewable Partners LP (BEP.UN-T) rose 1.2 per cent after announcing that the Toronto Stock Exchange has accepted a notice of its intention to commence a normal course issuer bid for its Class A preferred limited partnership units and also accepted a notice filed by Brookfield Renewable Power Preferred Equity Inc. of its intention to renew its normal course issuer bid for its outstanding Class A preference shares.
BRP Equity is a wholly-owned subsidiary of Brookfield Renewable.
“Brookfield Renewable believes that in the event that the Preferred Units or Preferred Shares trade in a price range that does not fully reflect their value, the acquisition of Preferred Units or Preferred Shares may represent an attractive use of available funds. There are currently six series of Preferred Units and five series of Preferred Shares outstanding,” the company said.
The Mississauga-based company intends to purchase for cancellation up to 3,753,349 common shares, or being approximately 5 per cent of the issued and outstanding shares.
“Temple believes that its Common Shares have been trading in a price range which does not adequately reflect the value of such Common Shares in relation to the business of Temple and its future business prospects,” the company said. “As a result, depending upon future price movements and other factors, Temple believes that its outstanding Common Shares may represent an attractive investment for itself. Furthermore, the purchases may benefit all persons who continue to hold Common Shares by increasing their equity interest in Temple. All Common Shares purchased by Temple under the normal course issuer bid will be cancelled.”
On Tuesday, Temple shares fell almost 3 per cent after G2S2 Capital Inc., a privately held investment holding company, announced it has increased its stake to 15.73 per cent of Temple’s outstanding common shares.
Continental Gold Inc. (CNL-T) was up 5 per cent after announcing that it has closed its previously-announced non-brokered private placement with Eric Sprott.
The Toronto-based company issued 10,645,200 common shares for a total investment of US$25-million.
The proceeds will be used for general working capital and corporate purposes.
On the decline
Lundin Mining Corp. (LUN-T) was down 2.8 per cent after announcing the closing of its acquisition of Chapada mine in Brazil from Yamana Gold Inc. (YRI-T) for total consideration of over US$1.0-billion
In the deal, which was announced in mid-April, Yamana will retain a 2.0-per-cent net smelter return (NSR) royalty on future gold production from the Suruca gold deposit and receive contingent consideration of up to US$125-million over five years if certain gold price thresholds are met and contingent consideration of US$100-million on potential construction of a pyrite roaster.
Shares of Yamana were down 0.6 per cent after making a series of announcements before the bell, including using US$385-million from the deal to repay outstanding indebtedness under the revolving credit facility and cash tender offers for certain outstanding notes.
A portion of the workforce employed by subsidiary AGM Inc. had blocked delivery of ore to the mill.
The Toronto-based company estimated that approximately 22,500 tonnes were not processed, however, full year production guidance remains unaffected at 145,000-160,000 ounces of gold as a result of the three operational days lost.
With files from Brenda Bouw, staff and wires